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Google Purchases Nest Labs for $3.2 Billion

Nathan Ingraham of The Verge reports, "Google has just purchased Nest Labs, the maker of the Nest Learning Thermostat and Protect smoke detector, for $3.2 billion in cash. According to a Google press release, Nest will continue to operate independently under the leadership of co-founder and CEO Tony Fadell; co-founder Matt Rogers will also make the move to Google. While the transaction is subject to the usual regulatory review, Google says it expects the sale to close within the next few months. Google Ventures had already invested over $100 million in Nest, so the company has been on Mountain View's radar for some time now. It's not yet clear exactly how Google plans to use Nest, but the company obviously sees it as an important part of its future. A combination of Nest's home solutions coupled with Google's language recognition could give Google its strongest path yet into your home."

Tony Fadell, CEO of Nest wrote, "Google will help us fully realize our vision of the conscious home and allow us to change the world faster than we ever could if we continued to go it alone. We’ve had great momentum, but this is a rocket ship. Google has the business resources, global scale and platform reach to accelerate Nest growth across hardware, software and services for the home globally. And our company visions are well aligned – we both believe in letting technology do the hard work behind the scenes so people can get on with the things that matter in life. Google is committed to helping Nest make a difference and together, we can help save more energy and keep people safe in their homes."